Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Remaking of sunsetting instrument without amendments
Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) remade Reporting Standards for Registered Financial Corporations (RFCs) under the Financial Sector (Collection of Data) Act 2001 (FSCODA) without amendments, on 23 September and 27 September 2016.
The Reporting Standards under FSCODA allow APRA to collect data about business activities of the RFCs, which is primarily used by Reserve Bank of Australia (RBA) and the Australian Bureau of Statistics (ABS) in performing their functions including producing publicly available reports.
Consistent with the Australian Government’s best practice regulation requirements for sunsetting instruments, APRA has assessed the operation of the Reporting Standards in consultation with affected stakeholders and has certified they are operating effectively and efficiently.
Therefore, under the Government’s best practice requirements, a Regulation Impact Statement (RIS) is not required for the Reporting Standards to be remade. As they were remade without amendments, there is no regulatory costing implication.